Hypercom Corporation (NYSE:HYC), a leading provider of electronic payment solutions, and WearLogic Inc., a leading flexible technology company, today announced an alliance that will allow consumers to use leather pocket wallets for wireless payments at checkout lanes equipped with Hypercom(R) ICE(TM) terminals. The effort will transform the everyday wallet into a convenient, portable, personal commerce tool for both in-store and on-line transactions.
Here's how it works. Using the flexible display and keyboard in the wireless WearLogic Smartwear(TM) "e-wallet," customers select which of their smart credit cards to use. They securely transmit the card information to the Hypercom epic(TM) ICE card payment terminal, which then sends the purchase amount to the e-wallet, and the customer accepts the transaction. The ICE terminal formats a transaction, which is sent on-line to the acquirer/processor for approval. When the transaction is approved, the terminal sends a confirmation to the Smartwear Wallet, which digitally records the amount, merchant name, and number. Expense information can be recorded in the leather e-wallet. All purchase and transaction information can be uploaded to a customizable PC expense form. This new payment solution will be expanded to include traditional credit cards in the months ahead.
The mobile electronic wallet will be presented at two major venues from May 14th to 17th: the annual CardTech/SecurTech (CTST) Conference and Exhibition in Las Vegas, at WearLogic booth number 854; and the annual Hypercom Global Partners Conference in Miami Beach.
"This alliance underscores our commitment to develop and bring to market cutting-edge payment technologies that enhance the transaction process for everyone involved," said Jairo E. Gonzalez, president, Hypercom Transaction Systems Group. "We are pleased to team up with WearLogic in this effort."
"A wireless payment transaction using Hypercom's ICE card payment terminals extends the payment convenience of the electronic Smartwear Wallets into merchant storefronts," said Robert Wesley, chief operating officer of WearLogic. "Reaching for your wallet when it is time to pay is intuitive, and our mobile and flexible technology packs e-commerce and personal productivity tools into something we all carry anyway. This combination makes Smartwear Wallets a secure and compelling value proposition for consumers, which we see as an opportunity for card issuers to create brand equity and improve acquisition, activation, usage and retention of top-tier customers."
Probably the most notable advance in the wallet in over 300 years, WearLogic's Flextek(TM) technology has transformed the traditional leather wallet into a stylish, secure mobile financial device. The wallet contains a flexible screen, ATM-like soft keys, and an intuitive keyboard along with the usual pockets and compartments found in a traditional leather wallet. The Smartwear Wallet includes a smart card reader and advanced WearX(TM) and CardX(TM) software, and uses XML browser interface technology. This combination allows smart card issuers to supply cardholders with a physical wallet that doubles as a personal and financial portal consumers always have with them. Cardholders can track financial account information and make secure purchases in both brick-and-mortar and virtual commerce environments. The wallet also allows the storage of personal information easily and securely by using passwords and smart card technology. Downloading information such as addresses, driving directions and e-mails from the user's PC or the Internet is made simple.
Hypercom's epic (ePOS-infocommerce(TM)) ICE devices are high performance, touch screen-based, Internet-enabled card payment terminals and web appliances that incorporate a firewall-protected multi-application operating system, EMV chip card capability, secure PIN pad, built-in HTML/HTTP web browser, and integrated receipt printer. In addition to the embedded applications, Hypercom's epic ICE terminals support a range of value-added applications and services including: electronic signature and receipt capture, e-mail, on-screen advertising, interactive electronic coupons, and cash management reporting through a standard browser -- as well as secure credit, debit, and smart card functions.
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